May 5th, 2015 Mortgage Industry Update

The Bank of Canada announced on April 15th that it’s overnight lending rate will remain at 0.75%. The prime lending rate at most lending institutions thus remains at 2.85%. Additionally, most fixed rates are stabilizing due to the bond market.

Additionally this week:
– Introducing a brand new low mortgage rate of 2.54% for a five year fixed! A Mortgage King exclusive.

– Genworth is expecting unemployment to rise by 7 per cent and house prices to drop by 8 to 10 per cent in Alberta during this year.

– There were some mortgage rate cuts to 3 and 5 year fixed promotional rates.

– Statistics Canada says Real gross domestic product (GDP) was unchanged in February following a 0.2 per cent decline in January.

– RBC has announced that some of its customers will have to pay a fee when making regular mortgage or loan payments. Between $2-$5 on each.

– HSBC survey found that 45% of Canadians plan to semi-retire while 15% do not expect to ever stop working.

Stay tuned for the next update!

For any questions and concerns please do not hesitate to call Harpreet Singh The Mortgage King at (416) 795-1919.